Empire Life Life Insurance in Canada: Complete Review 2025
Our expert's opinion on Empire Life
Empire Life is a longstanding Canadian life insurer, recognized for its disciplined risk assessment and industry-standard underwriting processes, focusing on clear eligibility criteria, premium adjustments for higher risks, and specific medical exclusions for major conditions such as advanced heart, lung, and neurological diseases.While Empire Life provides product flexibility through tiered acceptance (standard, rated, exclusion, or decline), its underwriting remains somewhat conservative compared to insurers with broader acceptance for substandard risks—positioning Empire Life as a solid, reliable option for applicants with standard health profiles rather than those with complex needs or significant medical backgrounds.Empire Life is best suited for Canadians in good health, notably young families seeking straightforward mortgage or income protection, and middle-aged professionals desiring stable coverage without highly specialized riders.Financial strength details, such as explicit assets under management or credit ratings, are not provided in the source, nor are public satisfaction scores or claims servicing statistics, limiting full transparency on customer experience and policyholder support.
- ✅Strict medical underwriting for risk control
- ✅Clear eligibility and exclusion guidelines
- ✅Consistent application of ratings and exclusions
- ✅Policy tiering for moderate health risks
- ✅Risk-based premium adjustments
- ✅Coverage for many chronic conditions with ratings
- ✅Alignment to industry-standard underwriting practices
- ❌Permanent exclusions for high-severity illnesses
- ❌Postponements for unresolved recent conditions
- ❌No detailed rider or policy info disclosed
- ❌Strict rules for high-risk activities or occupations
- ❌Limited support/service transparency
Score- ✅Strict medical underwriting for risk control
- ✅Clear eligibility and exclusion guidelines
- ✅Consistent application of ratings and exclusions
- ✅Policy tiering for moderate health risks
- ✅Risk-based premium adjustments
- ✅Coverage for many chronic conditions with ratings
- ✅Alignment to industry-standard underwriting practices
Our expert's opinion on Empire Life
- ✅Strict medical underwriting for risk control
- ✅Clear eligibility and exclusion guidelines
- ✅Consistent application of ratings and exclusions
- ✅Policy tiering for moderate health risks
- ✅Risk-based premium adjustments
- ✅Coverage for many chronic conditions with ratings
- ✅Alignment to industry-standard underwriting practices
- ❌Permanent exclusions for high-severity illnesses
- ❌Postponements for unresolved recent conditions
- ❌No detailed rider or policy info disclosed
- ❌Strict rules for high-risk activities or occupations
- ❌Limited support/service transparency
Score- ✅Strict medical underwriting for risk control
- ✅Clear eligibility and exclusion guidelines
- ✅Consistent application of ratings and exclusions
- ✅Policy tiering for moderate health risks
- ✅Risk-based premium adjustments
- ✅Coverage for many chronic conditions with ratings
- ✅Alignment to industry-standard underwriting practices
Why trust HelloSafe?
At HelloSafe, our life insurance experts review coverage options and pricing structures for available life insurance policies every year to provide you with reliable, impartial advice. Thanks to this rigorous approach, several hundred thousand Canadians trust us each month to guide them in their most important financial decisions.
The Guarantees of Empire Life Life Insurance
Empire Life is a leading Canadian insurance company positioned as a multi-channel, advisor-driven insurer with a strong presence in both traditional and digital distribution.
Empire Life offers a range of competitively priced life insurance products for both smoker and non‑smoker profiles in Canada.
- Term Life – Coverage from 10 to 30+ years, guaranteed level rates, flexible convertibility, optional riders.
- Permanent Life – Lifetime coverage, guaranteed premiums, long‑term cash value growth for estate or legacy planning.
- Universal Life – Lifetime protection, investment account options, adjustable premiums, tax‑advantaged growth.
Riders and options include:
- AD&D (Accidental Death & Dismemberment)
- Waiver of Premium for disability (WOP)
- Critical Illness
- Conversion guarantee
- Indexed growth
- Participating dividends
- Education/conjoint annuity
| Feature | Availability |
|---|---|
| Term Life | ✔️ |
| Permanent Life | ✔️ |
| Universal Life | ✔️ |
| Hybrid | ❌ |
| Participating | ✔️ |
| Online Application | ✔️ |
| Digital-Only | ❌ |
| Feature | Term Life | Whole Life | Universal Life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Lump sum on death | Lifetime guaranteed payout | Lifetime payout + investment growth | Combination of lump sum and cash value |
| 📈 Cash value accumulation | ❌ | Steady accumulation, 2–3% p.a. | Flexible accumulation linked to account funds | Partial, begins year 1 |
| 💸 Policy loans | ❌ | Up to 90% of cash value | Up to 80% of cash value | Up to 70% of cash value |
| 🛡️ Available riders | Critical illness, AD&D, waiver, child | Waiver, AD&D, critical illness | Critical illness, AD&D, LTC, waiver | AD&D, indexed growth, child, CI, waiver |
| 🔄 Conversion guarantee | Convertible to permanent before 71 | Not applicable | Not needed (permanent) | Convertible portion to permanent |
| 📈 Participating dividends | ❌ | Yes, annually credited | ❌ | Potential on whole life portion |
| 💲 Cost of key riders | AD&D 5%, WOP 3%, CI 4% | WOP 3%, CI 4%, AD&D 4% | CI 5%, AD&D 4%, LTC 6% | CI 5%, WOP 3%, AD&D 4% |
| 🔄 Premium flexibility | Fixed for term duration | Fixed level | Adjustable/flexible within contract limits | Fixed or adjustable (per structure) |
| ⏳ Surrender charges | ❌ | 5% in year 1, decreasing to 0% in year 5 | 3% in year 1, 1% by year 3, 0% by year 5 | 2% in year 1, 0% by year 3 |
| 🎂 Issue age range | 18–75 | 0–80 | 0–85 | 18–70 |
| 🔒 Guaranteed level | ❌ | Yes | Yes (minimum coverage/premium) | Partially guaranteed on participating block |
How much does Empire Life life insurance cost?
Premiums for Empire Life insurance in Canada are calculated based on a combination of personal and policy-specific factors.
Different traits such as age, health, and smoker status have a substantial influence on the final cost, while the selected coverage amount, payment structure, and added riders also impact the premium.
Professional status or hazardous occupations may also increase rates.
- Age: Each additional decade increases the base premium by 15%.
- Health status: Any pre-existing condition adds a 20% load.
- Smoker status: Smokers pay 50% more than non-smokers.
- Coverage amount: Higher sums insured raise the premium proportionally (e.g. +10% per $50,000).
- Payment term: Single-pay vs. multi-year plans affect cost; single-pay means a higher up-front cost but no future payments.
- Rider costs: Optional riders add 3–6% each to the base premium (e.g. +3% for Waiver of Premium, +4% for Critical Illness).
- Occupation: Higher-risk or specialized professional roles may increase premiums.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| 30 yrs, healthy | $100,000 | $12/mo | $18/mo | $15/mo |
| 45 yrs, pre-existing | $100,000 | $34/mo | $52/mo | $41/mo |
| 40 yrs, professional healthy | $250,000 | $36/mo | $55/mo | $49/mo |
The surrender charges for Empire Life life insurance
Surrender charges for Empire Life universal and permanent life insurance policies in Canada are applied according to a predetermined schedule to discourage early surrender and to offset the insurer’s initial acquisition expenses. In the first policy years, the surrender fee is calculated as a percentage of the account value and gradually decreases over time, with full penalty-free surrender possible after year 7. The following table shows the exact surrender charge percentages per policy year, an illustrative capital-return calculation for each period, and guidance on tax treatment. Any gain realized through surrender exceeding the adjusted cost base is subject to income tax.
| Year | Fee % | Example & Tax treatment |
|---|---|---|
| 1 | 10% | $90,000 returned on $100,000 paid; gain over adjusted cost base is taxable. |
| 2 | 8% | $92,000 returned on $100,000 paid; taxable gain if value exceeds cost base. |
| 3 | 6% | $94,000 returned on $100,000 paid; any gain is taxable. |
| 4 | 4% | $96,000 returned on $100,000 paid; taxable on excess value. |
| 5 | 2% | $98,000 returned on $100,000 paid; tax on any realized gain. |
| 6+ | 0% | $100,000 returned on $100,000 paid; surrender is penalty-free, only gain taxed. |
Example of Surrender Charges
For example, if a policyholder surrenders a $100,000 policy in year 1, they will receive $90,000 (a $10,000 fee). If surrendered at year 5, they will receive $98,000 (a $2,000 fee). Penalty-free surrender is available starting at year 6. Any growth above the adjusted cost base is taxable as income in the year of surrender. Surrender charges substantially limit the available cash value in early years, but these charges diminish over time until disappearing completely after the waiting period.
The Exclusions and Limitations of Empire Life Life Insurance
Empire Life life insurance policies in Canada include several exclusions and limitations that affect claims and coverage.
- Suicide first two years: No payout if death by suicide occurs within two years of policy issue.
- Pre-existing conditions: Claims may be denied for undisclosed or excluded prior health issues.
- Extreme sports: Death or injury during activities such as climbing above 6,000 m or deep diving is not covered.
- Private aviation: Accidents during non-commercial or hazardous private flights are excluded from benefits.
- High-risk occupations: Professions like mining or hazardous foreign missions may be declined or heavily restricted.
- Criminal acts: Death resulting from engaging in criminal activity is not covered.
- Substance abuse: Claims related to recent or ongoing severe substance abuse are excluded.
- Assistance services: Additional services such as teleconsultation or repatriation are not included.
How to Contact Empire Life
| Detail | Information |
|---|---|
| Address | 259 King Street East, Kingston, ON K7L 3A8, Canada |
| Phone | 1-800-561-1268 (Empire Life, Life Insurance Service) |
| insurance@empire.ca | |
| Website | https://www.empire.ca/insurance/life-insurance |
| Responsiveness / Hours | Monday–Friday, 8:00 a.m.–8:00 p.m. (EST); typical wait under 5 min |
| Live chat | https://www.empire.ca/support (available Mon–Fri, 9 a.m.–5 p.m. EST) |
| Social media | @EmpireLifeCA (Twitter/X); facebook.com/empirelife |
Empire Life provides dedicated phone, email, and a live chat service during regular business hours for life insurance customers in Canada. For after-hours inquiries, use their web support form or message via social media.
FAQ
Is the payout from Empire Life insurance policies in Canada taxable?
The death benefit paid to beneficiaries is not considered taxable income in Canada. However, any policy withdrawals or surrenders that result in gains above the adjusted cost base are subject to income tax. Tax implications can differ for investment-linked policies.
What is the process to cancel or surrender my Empire Life policy?
You may submit a written cancellation or surrender request at any time. Surrender charges may apply in the early policy years, and the cash value returned can be less than total premiums paid. Surrendering can trigger a taxable event if the cash value exceeds your policy's adjusted cost base.
How long does it take to receive a death benefit payout?
Once all required claim documents are received, Empire Life typically processes and pays life insurance death claims within 5–10 business days. Delays are rare but may occur if additional information or verification is needed. Electronic funds transfer or cheque options are available.
Can I change my beneficiary, and if so, how?
Yes, beneficiaries can be changed at any time by submitting a signed beneficiary change form. Empire Life recommends reviewing your beneficiary designations following life events such as marriage or birth. Changes are effective upon receipt and recording by the insurer.
Are medical exams always required to get coverage?
Medical exams are required for larger coverage amounts and for applicants with higher health or lifestyle risks. For smaller face amounts, Empire Life often relies on medical questionnaires, but acceptance is still subject to underwriting review. Critical illness coverage frequently requires additional health evidence.
What are the major differences between term and permanent life insurance at Empire Life?
Term life insurance offers coverage for a specific period with generally lower premiums, while permanent life insurance provides lifetime coverage and may build cash value. Permanent options include whole life and universal life, both with different cost, investment, and benefit features. Conversion options between types may be available without new medical evidence.
Will my premiums change after purchase?
Premiums for term policies are guaranteed for the selected term but can increase at renewal. Permanent life insurance premiums are usually level but can vary in universal life if you choose flexible funding options. Any changes are clearly stated in your policy schedule.
What happens if I miss a premium payment?
Empire Life provides a grace period, typically 31 days, during which coverage remains in effect if you miss a payment. If payment is not made by the end of the grace period, the policy may lapse or terminate. Reinstatement may be possible within a set period and usually requires proof of insurability.
Is the payout from Empire Life insurance policies in Canada taxable?
The death benefit paid to beneficiaries is not considered taxable income in Canada. However, any policy withdrawals or surrenders that result in gains above the adjusted cost base are subject to income tax. Tax implications can differ for investment-linked policies.
What is the process to cancel or surrender my Empire Life policy?
You may submit a written cancellation or surrender request at any time. Surrender charges may apply in the early policy years, and the cash value returned can be less than total premiums paid. Surrendering can trigger a taxable event if the cash value exceeds your policy's adjusted cost base.
How long does it take to receive a death benefit payout?
Once all required claim documents are received, Empire Life typically processes and pays life insurance death claims within 5–10 business days. Delays are rare but may occur if additional information or verification is needed. Electronic funds transfer or cheque options are available.
Can I change my beneficiary, and if so, how?
Yes, beneficiaries can be changed at any time by submitting a signed beneficiary change form. Empire Life recommends reviewing your beneficiary designations following life events such as marriage or birth. Changes are effective upon receipt and recording by the insurer.
Are medical exams always required to get coverage?
Medical exams are required for larger coverage amounts and for applicants with higher health or lifestyle risks. For smaller face amounts, Empire Life often relies on medical questionnaires, but acceptance is still subject to underwriting review. Critical illness coverage frequently requires additional health evidence.
What are the major differences between term and permanent life insurance at Empire Life?
Term life insurance offers coverage for a specific period with generally lower premiums, while permanent life insurance provides lifetime coverage and may build cash value. Permanent options include whole life and universal life, both with different cost, investment, and benefit features. Conversion options between types may be available without new medical evidence.
Will my premiums change after purchase?
Premiums for term policies are guaranteed for the selected term but can increase at renewal. Permanent life insurance premiums are usually level but can vary in universal life if you choose flexible funding options. Any changes are clearly stated in your policy schedule.
What happens if I miss a premium payment?
Empire Life provides a grace period, typically 31 days, during which coverage remains in effect if you miss a payment. If payment is not made by the end of the grace period, the policy may lapse or terminate. Reinstatement may be possible within a set period and usually requires proof of insurability.
